Authorizing an application to the Missouri Development Finance Board for the preliminary authorization of state tax credits in an amount not to exceed $10,712,500.00 to support the Three Trails Redevelopment Project; and authorizing the City Manager to execute a tax credit agreement with the Missouri Development Finance Board in connection with the tax credits.

Authorizing an application to the
Missouri Development Finance Board for the preliminary authorization of state
tax credits in an amount not to exceed $10,712,500.00 to support the Three
Trails Redevelopment Project; and authorizing the City Manager to execute a tax
credit agreement with the Missouri Development Finance Board in connection with
the tax credits.

BE IT ORDAINED BY THE COUNCIL OF
KANSAS CITY:

Section 1. That
the Council authorizes an application in the amount of $10,712,500.00 to the
Missouri Development Finance Board (“MDFB”) for financing of the Three Trails
Redevelopment Project.

Section 2. That
the Director of City Development is authorized to execute a tax credit
agreement for the issuance of tax credits by the MDFB in the amount of $10,712,500.00.

Section 3. That
the Council finds and determines that the project will significantly benefit
the City and the State, the benefits derived by the State are expected to
exceed the benefits provided in the tax credit agreement, and the project would
not proceed without the assistance provided by the MDFB.